The desktop version has the bug of adding the mortgage principle together if I added the refinance loan. This is absolutely wrong and the issues has been ongoing for month! I will never use TT again for future. Please fix this **bleep** bug or REFUND me!
Your software really sucks
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I apologize for your frustration. There is a workaround. Please try the following steps to rectify your input so you can proceed with your return.
The problem may occur if you have refinanced during the year, and the input reads your data as exceeding the $750,000 limit to be deductible.
If you are working in the Desktop version, you can try the following as provided by jmcglass.
it does work at all, yeah I can mark it as NO manually, but it does not change anything on how it calculates the mortgage principle total amount. Please fix this turbotax
On that screen, select "Yes" and then enter the full amount of interest you can claim on the screen that follows.
DESKTOP USERS:
Go into Forms (top right)
Enter the amount on Tax & Int Wks
Mortgage Interest Limited Smart Worksheet section
Line A2
OR
Step by Step
Federal
Deductions & Credits
Mortgage Interest, Refinancing and Insurance Click Update
Click Done
Click Yes, one or both of these situations apply to me. And Continue
Enter the Adjusted amount and Continue
It is my understanding that the software programmers have been notified of what we have been hearing.
Issue still exists even on this day. This is a huge bug and has to be fixed right away.
And it continues to today, 8/11/20.
I gave you a thanks in advance, anticipating it will work for me. I am not using the desktop version, however I am having the same issue. Thanks
Still a problem on the online version even now that it's 2021. This needs to be fixed. It's been going on for over a year and for 2 tax filing seasons.
Having the same issue as well. Notice that the issue is that TurboTax is ADDING the refi mortgage balances together instead of taking an average. This is causing the mortgage interest to be phased out for me, when it shouldn't be.
I re-fi'd a 370k mortgage twice (married filing separately). It registers my mortgage debt as over 1mil, when it was in fact never over 370k. I notice on the Home Deduction Worksheet, it adds the 3 mortgages together. The same issue is true for BOTH the federal and the California worksheets.
Doing a search on TurboTax's forums, it appears many people have had this issue, but TurboTax STILL hasn't resolved it, despite it going on for a year?
I got through to Intuit support. They did a screen sharing session with me. We watched as my refund shrunk by almost $10k when I added in the second 1098 from my refi loan. I pointed out in the worksheets that the principals are added rather than averaged. They called me back the next morning and admitted the bug, as well as the magnitude of it. They said the website would be updated in around 3 weeks (so mid Feb sometime). We'll see.
In the meantime, you can replace your multiple 1098s with a single, manually-entered one that sums the interest paid across the individual 1098s. Check the box that says "The interest amount I entered is different than what's on our 1098." You can then provide an explanation like "TurboTax has a known bug where multiple 1098s aren't calculated correctly. Workaround is to sum the interest paid into a single 1098." I'm told (but can't verify) that the IRS won't come after you as long as the values are right, even if the 1098s don't exactly match. Do so at your own risk. Hopefully this workaround will be moot in a few weeks anyway.
I am using the online version and this bug is STILL present for the 2020 tax return year. What do we do???
What a shame that we are to combine 1098s as one and enter "at our own risk". We all pay good money for this software, this bug should have been corrected for 2020, as I see it was a problem back in 2019. Do I trust that it will be fixed by mid-February? Nawww, but we'll see! If not, I'll be forced to go to a tax guy instead of risking an audit! It's either that or settle for the $3k less their software is shaving off my tax return. Why would I settle for $3k less?! :(
@rberman THANK YOU!!!! I was getting so frustrated reading all the "experts" that were just citing how it should work. Obviously, there are many of us having this issue. I appreciate that you took the time to call and do the screen share.
Thank you for providing this information. We are aware of this experience. Please sign up for email notification when an update related to this issue is available here.
hello
I am having the same issue, I called your customer support which at first appeared to be clueless then I was told there is nothing they could do about it.
Is there a fix expected before the end of the month or should I give up and go to a real CPA ?
thanks
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